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Wednesday 16.01.2019 | Name days: Lida, Lidija
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Citadele Bank decides to reform Lithuanian subsidiary as a branch office

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCitadele Bank has decided to reform its Lithuanian subsidiary as a branch office, as confirmed in the statement the bank submitted to Nasdaq Riga.

The bank’s representatives say the final decision in regards to reorganization of Lithuanian subsidiary and merging it with Latvia’s Citadele Bank to form a branch office in Lithuania was made on 5 July.

In accordance with the Law on Commerce, Citadele Bank’s customers have the right to receive creditor claim if it is proved reorganization puts at risk satisfaction of their claim. Customers can submit applications until 20 August 2018.

It is planned that the organization will be finished in the first half of 2019. Once it is done, Citadele Bank will have its main headquarters in Latvia with branch offices in Lithuania and Estonia, as well as a subsidiary in Switzerland.

A new Citadele office will be opened in Lithuania as part of the reorganization process. With that, this office will take over Citadele Bank’s assets and provide all functions and customer services.

Reorganization is not expected to affect customer services in Lithuania.

«The change of status for the bank’s Lithuanian subsidiary will help the bank perform development in Baltic States more efficiently by introducing unified services and help perform more effective management of the group,» bank’s representatives say.

As previously reported, in April, the Finance and Capital Market Commission permitted Citadele Bank to perform reorganization by adding Lithuanian Citadele Bank.

After evaluating documents, FCMC became confident that the planned reorganization would not affect Citadele Bank’s stability or customers’ collective interests.

The commission agreed to appoint the current head of Citadele Bank’s Lithuanian subsidiary Jūrate Jazukevičiene as the future manager of Lithuanian Citadele Bank.

Reorganization will secure Citadele Bank branch offices in Estonia and Lithuania.

In 2017, Citadele Bank worked with audited profits of EUR 1.257 million, which is several times less than the bank had a year prior. Citadele Bank’s assets were worth EUR 2.545 billion as of 31 December 2017, which is 3.2% more when compared to the end of 2016.


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